Bitcoin price surpassed the $52,00 resistance level. The buyers are providing good support and it is likely Bitcoin price reaches $55,000. Here is a summary of Bitcoin in the past 24 hours:
- Bitcoin surpassed the $51,500 and $52,000 resistance levels.
- Currently BTC is above $52,000 and the 1-hour candles are above the SMA100
- For the 1-hour chart, there is an important upward trend with support at $52,250.
- There might be a price correction but BTC has a good chance to have support at $52,250 and $52,000.
Bitcoin Price Action Analysis
Bitcoin price was ranging above $51,000 for a while before starting a new bull run. BTC broke through the $52,000 and surpassed the SMA100 and finally got out of the woods.
At some point, the price went beyond $52,500 and momentarily touched $52,800. Currently the price is over $52,000 and the 1-hour candles are above the SMA100. The first support level is at $52,400 near the 23.6% Fibonacci retracement level.
The next support level is at $52,250. Looking at the 1-hour chart, we have an important upward trend with support at $52,250.
By dipping below this point, the price will reach its primary support at $52,00. It is near the 50% Fibonacci retracement level from the latest rise from $51,183 to $52,800. If BTC price closes below there, the decline will likely continue. At that point, Bitcoin might fall as low as $50,850 near the SMA100.
On the other hand, if Bitcoin remains above $52,000, the upward trend will continue. And with that, the first resistance level will be near $52,650.
Following that, the $52,800 will be the next to follow. If BTC surpasses this level, the bullish trend will go on in short-term. After that, the crucial $53,500 will resist the price. Further bull run would bring the price close to $54,200.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently above 60.
Resistance levels: Respectively, the $52,650, $52,800 and $53,500 are crucial resistance levels.
Support levels: the $52,250 and $52,000 are important support levels that will cause further decline if they are broken.
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